Date,
Time MSK

17.05.2016



Finnish-Russian Bilateral Trade in 2015


In 2015 Finnish-Russian bilateral trade volume decreased by 48% and reached 9.1 billion USD compared to 17.5 billion USD in 2014.


Finnish exports to Russia fell to 3.3 billion USD (by 45%) while imports fell to 5.7 billion USD (by 50%) (see Figure 1).



Figure 1. 2007-2015 Finnish-Russian bilateral trade turnover, billion USD. Source: ITC Trade Map.

Figure 1. 2007-2015 Finnish-Russian bilateral trade turnover, billion USD.png



Finnish exports to Russia


Finland primarily exports to Russia the following products (see Figure 2, Table 1):


▪ Machinery, nuclear reactors, boilers, etc (22%)

▪ Paper and paperboard, articles of pulp, paper and board (12%)

▪ Electrical, electronic equipment (9%)

▪ Plastics and articles thereof (9%)

▪ Pharmaceutical products (7%)

▪ Mineral fuels, oils, distillation products, etc (5%)

▪ Vehicles other than railway, tramway (4%)

▪ Optical, photo, technical, medical, etc apparatus (3%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (2%)

▪ Soaps, lubricants, waxes, candles, modelling pastes (2%)

▪ Articles of iron or steel (2%)

▪ Miscellaneous chemical products (2%)

▪ Furniture, lighting, signs, prefabricated buildings (1%)

▪ Ships, boats and other floating structures (1%)


In 2015 the imports of Finnish made products in Russia experienced a significant fall. The imports of furniture, lighting, signs, prefabricated buildings fell by 55%; the imports of ships, boats and other floating structures- by 54%.



Figure 2. Structure of Finnish Exports to Russia in 2015. Source: ITC Trade Map.

Figure 2. Structure of Finnish Exports to Russia in 2015.png



Table 1. Key products exported from Finland to Russia in 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

Tariff applied by Russia to Finnish products

84

Machinery, nuclear reactors, boilers, etc

$1,306,920

$727,860

-44%

1.4

1.9

48

Paper and paperboard, articles of pulp, paper and board

$631,102

$417,049

-34%

13.7

9.3

85

Electrical, electronic equipment

$587,656

$304,240

-48%

1.7

3.4

39

Plastics and articles thereof

$425,328

$298,786

-30%

3.1

7.2

30

Pharmaceutical products

$343,831

$233,625

-32%

0.5

5.5

27

Mineral fuels, oils, distillation products, etc

$288,748

$160,825

-44%

6.7

2.8

87

Vehicles other than railway, tramway

$198,289

$120,545

-39%

0.6

12.6

90

Optical, photo, technical, medical, etc apparatus

$131,000

$84,888

-35%

0.7

2.8

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$151,207

$75,460

-50%

5.7

3.7

34

Soaps, lubricants, waxes, candles, modelling pastes

$126,387

$70,303

-44%

8.5

9.8

73

Articles of iron or steel

$112,406

$64,532

-43%

1.2

9.3

38

Miscellaneous chemical products

$87,328

$51,115

-41%

2.00

4.3

94

Furniture, lighting, signs, prefabricated buildings

$109,714

$49,459

-55%

1.7

11.9

89

Ships, boats and other floating structures

$99,982

$46,478

-54%

5.9

7.4



Russian exports to Finland


In 2015 Russia has exported to Finland the following products (see Figure 3, Table 2):


▪ Mineral fuels, oils, distillation products, etc (74%)

▪ Organic chemicals (7%)

▪ Wood and articles of wood, wood charcoal (7%)

▪ Rubber and articles thereof (2%)

▪ Aluminium and articles thereof (1%)

▪ Machinery, nuclear reactors, boilers, etc (1%)

▪ Ores, slag and ash (%)

▪ Residues, wastes of food industry, animal fodder (1%)

▪ Iron and steel (1%)

▪ Electrical, electronic equipment (1%)

▪ Fertilizers (1%)


2015 showed a significant rise in Russian exports to Finland of residues, wastes of food industry, animal fodder (+9%). At the same time the exports of fertilizers (-72%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to Finland in 2015. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to Finland in 2015.png



Table 2. Key products exported from Russia to Finland in 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

27

Mineral fuels, oils, distillation products, etc

$9,107,287

$4,255,527

-53%

54.5

29

Organic chemicals

$707,399

$419,659

-41%

47.9

44

Wood and articles of wood, wood charcoal

$543,449

$408,765

-25%

50.9

40

Rubber and articles thereof

$152,901

$116,294

-24%

17.8

76

Aluminium and articles thereof

$62,363

$65,810

6%

11.4

84

Machinery, nuclear reactors, boilers, etc

$63,287

$61,189

-3%

0.8

26

Ores, slag and ash

$86,343

$53,788

-38%

3.9

23

Residues, wastes of food industry, animal fodder

$44,889

$49,139

9%

10.8

72

Iron and steel

$83,962

$47,978

-43%

2.1

85

Electrical, electronic equipment

$52,104

$42,692

-18%

0.8

31

Fertilizers

$122,274

$34,632

-72%

45.9

74

Copper and articles thereof

$33,747

$27,147

-20%

7.4

48

Paper and paperboard, articles of pulp, paper and board

$23,922

$16,603

-31%

3

73

Articles of iron or steel

$16,617

$16,325

-2%

1.1



Table 3 represents basic macroeconomic and foreign trade indicators for both countries.



Table 3. Macroeconomic Indicators for Russia and Finland. Source: IMF World Economic Outlook Database, April 2015


Macroeconomic Indicator

Russia

Finland

GDP in 2014, billion dollars

1,857.461

271.165

GDP in 2015, billion dollars

1,175.996

235.276

Inflation, average consumer prices, %

7.82

0.578

Volume of imported goods, billion dollars

282.6

60.2

Volume of exported goods, billion dollars

492.1

59.8

Unemployment rate, %

5.10

8.713

Population, millions

143.7

5.506


Partners

  • pic
  • pic